CBK Reveals Shilling Stability Against Dollar as Global Fuel Prices Shoot Up Ahead of EPRA Review.
CBK Reveals Shilling Stability Against Dollar as Global Fuel Prices Shoot: In its weekly bulletin, The Central Bank of Kenya (CBK), has detailed that the shilling posted a stable performance against the dollar over the past week.
CBK outlined that on May 30, the shilling traded at Ksh131.87 against the dollar which was a slight increase from Ksh131.36 as of May 23.
CBK Stated,”Inflation has remained sticky in advanced countries, with headline inflation in Germany rising to 2.4 percent in May 2024 from 2.2 percent in April while France’s inflation remained unchanged at 2.2 percent. The US dollar index weakened by 0.4 percent against a basket of major currencies during the week ending May 30,”
“The Kenya Shilling remained stable against major international and regional currencies during the week ending May 30. It exchanged at Ksh131.87 per US dollar on May 30, compared to Ksh131.36 per US dollar on May 23,” read part of the Statement.
The regulator further noted that the global fuel prices had increased to Ksh11,059 (USD84.75) per barrel from Ksh10,909 (USD86.30) per barrel over the past week.
The Statement Read, “International oil prices rose during the week ending May 30 attributed to growing global demand. Murban oil price increased to USD 84.75 per barrel on May 30 compared to USD 83.60 per barrel on May 23 in anticipation of the OPEC+ meeting scheduled for June 2, 2024,”
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